MTN to increase Nigerian ownership from 20% to 35% by June

MTN Group confirms that it will list on the Nigerian Stock Exchange in the first half of 2019, subject to regulatory approvals.

MTN Group CEO, Rob Shuter
  • MTN will list on the Nigerian Stock Exchange in the first half of 2019, subject to regulatory approvals.
  • The listing by introduction will increase Nigerian ownership in MTN from around 20% to 35% through listing by introduction.
  • MTN Nigeria records strong 2018 financial results

MTN Group on Thursday confirmed that it will list on the Nigerian Stock Exchange in the first half of 2019, subject to regulatory approvals.

The move will increase Nigerian ownership in the telecom firm from around 20% to 35%, the company said.

The telecommunication giant, in its corporate filling, said the listing will be achieved via a listing by the introduction and will be followed by a public offer “once market conditions are conducive.”

Rob Shuter, MTN Group president and CEO, said, “MTN delivered a very encouraging performance in 2018, meeting our targets for growth in service revenue and EBITDA, as well as those on reducing CapEx intensity and improving Holdco leverage.

“In the year we made good progress in resolving key regulatory challenges in markets including Benin, Cameroon and Nigeria.

“Managing regulatory issues and improving relationships and risk management remains key focus areas for the group, and we will continue to strengthen these areas in 2019.

MTN Nigeria records strong 2018 financial results

Despite regulatory fine on forex repatriation and tax demand action by the Nigerian authority, MTN Nigeria recorded strong performance in 2018. Its posted double-digit growth in voice revenue at 18.7%.

Further analysis of the result shows that data subscribers and revenue increased during the period.

Digital revenue, however, declined because of further optimisation of value-added services (VAS), but we expect a return to digital revenue growth in 2019.

MTN Nigeria subscriber base now expanded by 11.3% from December 2017 to 58.2 million.

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